X-Ray Systems Market: Current Analysis and Forecast (2022-2028)

Report Description

The global x-ray systems market is expected to register a CAGR of around ~3% over the period of 2021-2027. This is mainly for identifying defects in the body and to assist diagnose issues such as crushed bones, tumors, and the treatment of various diseases such as cardiovascular, respiratory, mammography, dental, and orthopedics. Also, x-ray systems have stringent government regulations coupled with the growing focus of major stakeholders in the healthcare industry to make x-ray system products more sustainable with fewer side effects and cost-effective. Major healthcare companies are investing heavily in their product advancements due to rising social awareness, and advanced technologies to increase image quality. According to NCBI, annually, more than 10 million stress tests and approximately one million diagnostic cardiac catheterizations are being performed in the U.S. alone. This rise in the demand for medical imaging has undergone a drastic evolution owing to digital radiology solutions contributing to market growth. Furthermore, various factors such as growing research and development activities are also expected to drive the demand for x-ray systems over the forecast period which is responsible for the excessive use and also significantly contributes to the market for the medical applications of x-ray systems. Therefore, the market for x-ray systems is expected to witness significant growth during the forecast period.

Agfa-Gevaert N.V., Bracco Imaging S.p.A., Fujifilm Holdings Corporation, GE Healthcare, Hitachi Ltd, Koninklijke Philips N.V., Shimadzu Corporation, Canon Medical Systems Corporation, Siemens Healthineers AG, Carestream Health Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst technology, computed radiography category accounted for the significant share in the market in 2020”

Based on technology, the market is classified into analog, computed radiography, and digital radiography. Amongst technology, the computed radiography category accounted for a significant share of the market. This is a commonly used system of digital radiographic imaging that uses plates exposed by conventional radiographic equipment and can be used like an x-ray cassette. Additionally, the computed radiography system is operated using cassettes registered as phosphor storage plates (PSP) which decreases the time it takes to generate pictures from x-ray.

“Amongst applications, cancer is expected to witness significant CAGR during the forecast period”

Based on application, the market is categorized into cardiovascular, respiratory, mammography, cancer, orthopedics, and others. Among these, cancer is expected to witness a significant CAGR during the forecast period. This can be ascribed to the increasing cases of cancer while simultaneously advancing in technology to early diagnosis of disease. X-ray is commonly used in the diagnosis and treatment of several types of cancers.

“North America to witness significant growth during the forecast period”

North America is expected to show significant growth in the x-ray systems market. The major contributors to the growth of this market are US and Canada. This is mainly due to the increasing geriatric population and the rising prevalence of chronic diseases is the primary factor for the region’s dominance during the forecast period.  Thus, growing various x-ray systems and a highly developed economy, high product adoption rates, and awareness about early disease diagnosis in the U.S. economy. Therefore, the growth of innovative products and improved x-ray units is leading to the increasing adoption of x-ray systems. Moreover, the development of advanced x-ray systems by major companies and the diagnostics industry owing to the presence of well-established market players and frequent product launches in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Global X-Ray Systems Market Analysis (2021-2027)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global x-ray systems market were the three major steps undertaken to create and analyze the adoption of x-ray systems in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global x-ray systems market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the x-ray systems market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the x-ray systems market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as mobility, product type, technology, application, end user, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the x-ray systems market. Further, we conducted factor analysis using dependent and independent variables such as increasing chronic diseases and rapid technological advancement. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the x-ray systems market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global x-ray systems market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the x-ray systems market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global x-ray systems market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global x-ray systems market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of mobility, product type, technology, application, end user, and region, and region in the global x-ray systems market.

The main objective of the global X-ray systems Market Study

The current & future market trends of the global x-ray systems market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the x-ray systems market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of mobility, product type, technology, application, end user, and region.
• Define and analysis of the regulatory framework for the x-ray systems market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the x-ray systems market for the major region.
• Major countries of regions studied in the report include North America, Europe, Asia Pacific, and the Rest of the world.
• Company profiles of the x-ray systems market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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